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West Virginia Income Maintenance Manual Chapter 24

West Virginia Income Maintenance Manual Page 75 Chapter 24 Long Term Care

• The policy meets the Internal Revenue Service’s (IRS) Code of 1986 requirements related to the LTCIP; AND • The policy’s issuance date was no earlier than the effective date of the issuing Partnership State’s SPA that implemented the LTCIP; AND • The policy meets the specific rules of the National Association of Insurance Commissioners (NAIC); AND • The policy includes the inflation protection based on the age of the insured at the time of purchase. LTCIP Policy Example: Mr. Fern states he has an LTC policy that has paid him $35 per day for each day of his institutionalization and he requests the LTCIP Asset Disregard applied to his $3,000 in excessive assets. Mr. Fern provides the Worker with a copy of his policy. The policy does not indicate compliance with the IRS Code nor does it address inflation protection. The policy is not a Qualified LTCIP Policy and the applicant is ineligible for the Disregard. 24.8.5.D.3 Verification of Qualified LTCIP Insurance Benefits Paid The DFA-LTCIP-1 is used to obtain information about the dates of, amount of Qualified LTCIP insurance benefits paid, and the remaining benefits available to the individual. When the individual does not complete this form, the Worker must verify the amount of insurance benefits paid to or on behalf of an individual as of July 1, 2010 when the individual is a West Virginia resident with a West Virginia-issued Qualified LTCIP Policy or owns a Qualified LTCIP Policy issued from another Partnership State. 24.8.5.E The Amount of the LTCIP Asset Disregard Resources are disregarded dollar-for-dollar as the amount paid out by the insurance company. NOTE: Changes made to the LTCIP Policy after issuance will not affect the LTCIP Asset Disregard as long as the policy continues to be Qualified. NOTE: The LTCIP Asset Disregard is not revoked if a State withdraws from the Partnership.